Bitcoin price drops 6.5% in minutes after facing sales pressure of $28,400

An unrestrained high run is interrupted by sellers over $28,000, with Bitcoin continuing to see great volatility on Sunday.

The Bitcoin (BTC) reached a new all-time high of $28,400 before falling thousands of dollars on December 27th – in the latest chapter in its Christmas frenzy.

BTC loses $1,900 in minutes

Data from Cointelegraph Markets, Coin360 and TradingView showed gains in the BTC/USD pair and then loss of large amounts in terms during Sunday’s trading.

After reaching 15% of gains in 24 hours, Bitcoin Legacy found strong selling pressure above $28,000. Unable to sustain its extremely fast upward trajectory, the largest cryptomeda fell to $26,500.

To date, volatility has ensured that no firm direction of the market is under control, as the BTC/USD fluctuated around $27,000.

Analyst: „The ‚bullish rally‘ has begun“

As the Cointelegraph published earlier in the day, Bitcoin has broken several records with its most recent moves, including exceeding a market value of $500 billion for the first time.

In addition, Monday should see the biggest gap in the Bitcoin futures markets ever created.

This will be the biggest CME gap in history

– Saylor Moon Fan Club (@cryptoSqueeze) December 27, 2020

Since it overcame the $24,000 resistance, Bitcoin has traded in unknown territory with only improvised sales levels, creating fiction in what appears to be an increasingly parabolic market.

With institutional investors taking a break, the conversation turned to retail buyers, fuelling the final phase of Bitcoin’s bull race.

„The bullish cycle has begun as more and more players are beginning to adopt Bitcoin and cryptomoedas,“ said Cointelegraph Markets analyst Michaël van de Poppe to Twitter followers.

Van de Poppe continued to look at $19,500 as a possible shrinkage zone, with altcoins in line to benefit from the Bitcoin example once their own earnings decrease – potentially next month.

Binance’s order book data, however, shows that a formidable $30,000 sales wall is likely to be the next major obstacle for BTC bulls.